Salaries and contractor rates are rising fast due to the current skills shortage. But with macro market data approximately three months behind the real figures, it’s difficult for hiring managers to know the true state of play.
As a result, more and more HR professionals carry out competitive benchmarking – an industry standard to understand everything from salary and benefits, to diversity.
Yet, not every business has the resources and capabilities to successfully compare job titles across their respective industries.
Read on to learn how benchmarking services could provide the ideal solution to getting ahead of the recruitment game and hiring top talent.
Understanding the value
Competition is everything. To recruit the industry’s leading talent, you need to know how you measure up against other organisations – particularly in today’s job market where candidates hold the power.
Uncovering salary standards and job perks across the market will help companies understand their performance.
Plus, businesses can discover other areas they may be falling short, highlighting where to cut costs and grab opportunities. You might also compare data internally to learn more about how to grow and evolve.
That said, it’s worth noting that identical job titles can vary from company to company, which might confuse benchmarking matters. Try to compare like for like to get the most accurate – and productive – results.
Reaping the benefits
Effective benchmarking requires you to continuously keep up with industry and job market changes, and consistency is crucial to see tangible results.
But is it worth the effort? How does benchmarking benefit businesses?
● Save time and money: if done accurately, benchmarking maps out areas of overspending or waste, and provides real data to save valuable resources.
● New targets: with new targets come new opportunities. Candidates will have a good idea of the salary and benefits they want. Yet, unless businesses understand the going rate, they’ll struggle to hire fresh talent.
● Increased success: benchmarking provides strategic intel that informs a more lucrative hiring process. Put simply, meet candidates’ needs and you’ll attract and retain the industry’s top talent.
Benchmarking in action
WRS is just as committed to true market intelligence as our clients, so we’re taking action to harvest reliable, relative, and real data from competitors across the energy sector.
Our benchmarking services help clients looking to enter a new market or department, without the necessary information on competitive salaries, compensation, and benefits.
Recently, one of our clients asked WRS to scout the market for nine senior job titles that made up one department. Firstly, we spoke to their perceived competitors to ensure we understood the job roles. Then, we conducted a review of industry-standard compensation and benefits to ensure our client entered the market ahead of the game.
Revamping compensation and benefits with WRS
Are you looking for your competitive advantage?
WRS works with various organisations and businesses to strategically enhance their offerings to candidates, alongside growing and developing their business.
To find out more about how our team can help you, get in touch today.